By  on January 13, 2014

Fifth & Pacific Cos. Inc. has detailed the severance package for William L. McComb, who is stepping down from his role as chief executive officer of F&P, as well as employment agreements with new senior management, in an 8-K filing with the Securities and Exchange Commission Monday.

The filing noted that McComb will receive cash payments totaling $6.5 million, representing two times his base salary and target bonus. He will also receive continued medical, long-term disability and life insurance coverage for two years from his separation date. McComb will be eligible to receive an annual incentive bonus based on actual performance in 2014, prorated and subject to terms of the company’s cash bonus plan. In addition, the board agreed to nonaccelerated continued vesting of the unvested stock options on the original schedule on various future dates in 2014, 2015 and 2016. They are:

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